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OPEC not to increase oil production

The Organisation of Petroleum Exporting Countries says, it will not hike production in the coming months because the global oil market is currently well supplied.

world Updated: Jun 22, 2007 17:45 IST

The Organisation of Petroleum Exporting Countries (OPEC) says it will not hike production in the coming months because the global oil market is currently well supplied.

OPEC Secretary General Abdullah Al-Badri made the remarks here on Thursday after meeting European Union (EU) leaders at the fourth ministerial energy dialogue between the two sides.

Badri said even if OPEC increased its oil production, the increased volume would go to national reserves of oil-consuming countries rather than refineries.

German Economy Minister Michael Glos said that high oil prices on the international market had already influenced economic development and the $70 per barrel price is the upper limit consuming countries could bear.

According to an OPEC report released on Thursday, the average price per barrel of a basket of 11 crude types was $ 67.78 Wednesday, $ 0.45 lower than the previous trading day.

OPEC's monthly report for June maintained that predicted international oil demand in 2007 stood at the same level as estimated in May.

The one-day meeting between the EU and OPEC kicked off on Thursday, aiming at strengthening energy cooperation between the two sides.